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DAVID JONES BUILDNG
Centrally located in Perth’s prime retail
stretch, the David Jones Building sits
on a freehold site of approximately
71,473 sq ft in the Perth CBD in
Australia. It enjoys dual frontage to
the bustling Murray Street Mall and
Hay Street Mall, the only two retail
pedestrian streets in the city. The
property is a few minutes’ walk from
the Perth central train station. The
building is also linked seamlessly to
another major shopping centre via
a covered walkway. The four-level
property, which has heritage-listed
components (including a building
constructed circa 1910 that was
formerly the Savoy Hotel) is anchored by
the upmarket David Jones department
store and six other specialty tenancies.
As at 30 June 2017, the property’s
occupancy was 99.3%.
David Jones Limited, which has a long-
term lease in the building until 2032,
occupies approximately 246,528 sq ft
or 95% of the total gross lettable area.
It accounts for 75.9% of the gross rent for
David Jones Building as at 30 June 2017.
David Jones Limited is an upmarket
operator of premium department stores
across the country and is owned by
South African retail group Woolworths
Holdings Limited.
Six specialty tenancies occupy a
gross lettable area of about 10,746 sq ft
and comprise international and
national brands such as Bodyshop,
Jeanswest, LUSH, Michael Hill,
Pandora and Superdry.
The long-term lease with David Jones
Limited provides stable income, with
the benefit of an upward-only rent
review every three years. In August
2017, there was a rental uplift of 6.12%
for the David Jones lease. The leases
for the other specialty tenants also
incorporate annual upward-only
rent reviews.
TENURE
FREEHOLD
INCLUDING ONE
ANCHOR TENANT
(AS AT 30 JUN 2017)
TENANTS
7
GROSS LETTABLE AREA
259,082
SQ FT
PURCHASE PRICE
M
S$
145.7
(AS AT 30 JUN 2017)
MARKET VALUATION
M
S$
169.1
DAVID JONES BUILDING
622-648 HAY STREET MALL,
PERTH, AUSTRALIA
Superdry store at David Jones Building
DAVID JONES BUILDING
RETAIL TRADEMIX
BY GROSS RENTAL CONTRIBUTION
(AS AT 30 JUN 2017)
9.0
%
FASHION
7.2
%
JEWELLERY
& WATCHES
7.9
%
HEALTH &
BEAUTY
75.9
%
DAVID JONES
PERTH PROPERTIES
OCCUPANCY RATE
98.7
%
30 JUN 2017
30 JUN 2016
95.4
%
PERTHPROPERTIES
RETAIL TRADEMIX
BY GROSS RENTAL CONTRIBUTION
(AS AT 30 JUN 2017)
David Jones
54.7%
Fashion
23.1%
Beauty & Wellness
6.4%
Jewellery & Watches
5.7%
General Trade
5.2%
Services
2.5%
F&B
2.4%
OPERATIONS REVIEW
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